this post was submitted on 13 Dec 2023
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[โ€“] [email protected] 2 points 1 year ago (1 children)

Ironically enough it's the opposite. Banks answer to shareholders, building societies answer to its members. Building societies compete with banks, if they're unheard of in the US that certainly does explain the state of the US banking system.

[โ€“] [email protected] 2 points 1 year ago

We don't have building societies in the US, but we do have similar institutions called credit unions.